Royal Palm Lands $61 Million for Unsold Condos at Paramount Miami Worldcenter
By Julia Echikson August 26, 2022 1:58 pm
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Royal Palm Companies nabbed $61 million for the luxury Paramount Miami Worldcenter condominium, property records show.
The firm, led by Dan Kodsi, added $25.4 million to an existing $35.6 million, bringing the total to $61 million.
Royal Palm completed the 60-story property in 2019. The latest financing, provided by Kawa Capital Management, is secured by the unsold inventory. The South Florida-based developer still owns a little over 16 percent of the condos, or 93 out of the 570 units, according to the mortgage documents.
A spokesman for Royal Palm did not respond to a request for comment.
Paramount was one of the first towers erected at Miami Worldcenter, a 27-acre master-planned development in Downtown Miami. High-profile developers, such as Steve Witkoff and Miki Naftali, are just getting started on projects there.
Royal Palm’s tower features a bevy of amenities, such as a spa, an indoor basketball court, and an entertainment center, among others. The project made headlines when Kodsi modified the development’s design to fit a landing pad for flying cars on the top floor.
The development landed a $285 million construction loan in 2017, $170 million from Inbursa Bank and $115 million from BC Immigration Fund, an affiliate of New York-based Brevet Capital.
Royal Palm is now back developing at Miami Worldcenter. Late last year, the firm scored $340 million to build a similar luxury condominium building, dubbed the Legacy Hotel & Residences.
Julia Echikson can be reached at jechikson@commercialobserver.com.
